In the first three months of 2022, Marathon recorded a loss of $13 million

In the first quarter of 2022, the revenue of the American mining company Marathon Digital Holdings amounted to $51.7 million. This is 14% less compared to the previous quarter.

The decrease is due to a drop in the price of the mined cryptocurrency, which could not compensate for the increase in physical production. The company has mined 1,259 BTC. This is 15% more than the previous quarter and 556% more year-on-year.

During the reporting period, the firm recorded a net loss of $13 million due to the revaluation of its bitcoins. As of March 31, Marathon has accumulated 9374 BTC. Cryptocurrency reserves lost $19.6 million in value.

At the end of the quarter, cash on the company's accounts amounted to $118.5 million, and total available liquidity (including open credit lines) — $218.5 million.

The Marathon equipment fleet has increased to 36,830 devices with a combined hashrate of approximately 3.9 EH/s. During the quarter, the company increased capacity by 14%, compared to the previous year, the growth was 449%.

The company confirmed the backlog from the schedule for a multiple increase in hashrate, but expressed confidence in achieving the planned indicator by the end of the year.

"Given the progress we have made so far in deploying "behind the counter", we are confident that we will overcome our backlog and catch up by the end of the year. This will allow us to reach 23.3 EH/s. We believe that 2022 will be transformational for Marathon, as we are in the process of deploying almost 200,000 miners and transitioning our operations to 100% carbon neutrality," said Marathon CEO Fred Thiel.